Patanjali places Rs 830 crore bid to acquire Rolta India

Acquisition Bid: Patanjali Ayurved has expressed interest in buying the debt-ridden technology firm Rolta India.

The Baba Ramdev-led Ayurvedic-focused firm has made an all-cash offer of Rs 830 crore, a few weeks after Pune-based Ashdan Properties was declared the highest bidder for Rolta, according to media reports.

Patanjali Ayurved had approached the National Company Law Tribunal (NCLT) to include its offer. A panel will decide the firm's inclusion in the bidding process.

Kamal Singh promoted Rolta India, a defence-focused software company. The firm was admitted to the bankruptcy process in January 2023.

The company owes Union Bank of India (UBI) Rs 7,100 crore and another Rs 6,699 crore to unsecured foreign bondholders led by Citigroup.

Rolta first defaulted on foreign currency loans in 2016. After dodging bankruptcy thrice, it finally landed on the NCLT table after Union Bank filed a petition.

The company provides services in defense and homeland security, power, financial services, manufacturing, retail, and healthcare.

In FY 2022, the company had a loss of Rs 1,000 crore, while the revenue during this period stood at Rs 38 crore.